Greece defaulted, but no lesson there.

Greece, which recently defaulted on its debt and almost broke up the Euro currency pool, had a ratio of debt-to GDP of 165 percent in 2011.

On our nation's current course, the Congressional Budget Office forecasts that by 2040 our ratio of debt to GDP will be a staggering 194 percent.

But hey, massive federal deficits don't have any ill effects whatsoever.

Unless a Republican is president, of course. Then any deficit is absolutely horrible.